The MPC minutes put another dent in the pound and Carney has almost fully backed away from talk of hiking rates. In short, the reasons for buying the pound are fading and cable along with it.
GBP/USD has declined for six consecutive days and is flirting with the key 1.70 psychological level but it will be a tough test. Bids start near the session low of 1.7024 with more at 1.7009 and decent (but not huge) demand at 1.7000. If it breaks look for a slide down to around 1.6950 where there is some support and the 55-dma.
